South Africa agrees $2.3B power lifeline

South Africa approved a $2.3 billion five-year power tariff package for ferrochrome producers Glencore and Samancor Chrome, reducing electricity prices by over 50% to stabilize the smelting sector. The move aims to prevent industrial decline after Morocco overtook South Africa in African Development Bank industrial rankings, with Glencore canceling layoff notices to protect over 1,500 jobs.